When it comes to registering a company in Singapore, the government agency to call is the Accounting and Corporate Regulatory Authority or ACRA. The ACRA is Singapore’s regulator of businesses and accounting. In business, its functions include receiving, reviewing, and approving applications for registering new businesses in Singapore.
Registration Of Company Basics
The company is just one of the many possible business types one can start in Singapore, apart from sole proprietorship, partnership, limited partnership, limited and liability partnership. To put it simply, the company has comparatively the most requirements as it is also treated as the biggest structural business entity.
The ACRA has laid down rules compliant with Singapore’s business laws regarding the formation of businesses, which all applicants must comply with in order to be qualified for inclusion in Singapore’s official Register. Conversely, ACRA imposes penalties on errant businesses, including those which start operations without proper registration.
Why Outsource Registration Of Company?
ACRA accommodates applications for company registration from a qualified director or company member. Aside from this, it also allows applications to be lodged via a professional firm or a service bureau. This is where owners could tap the services of firms to lodge the application for them.
What are its benefits? For one, owners can get a guarantee of professional, efficient, and accurate filing of requirements, particularly provided the very stringent requirements set by the law. ACRA also does not entertain applications which are incomplete.
Ultimately, owners could save much effort, and even prevent undue initial expenses from application mistakes, when they decide to entrust a professional firm with their application. This is also a great way of centralising all ACRA-related transactions of the company, including the payment of all dues.
Since a professional firm handles a client’s application, applying years of professional experience, clients can rely on efficient and quick solutions to any concern about the formation of their company.